USD/ZAR 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/ZAR has been tilted to upside since the second part of September as upbeat U.S. data has been pushing the greenback higher, whereas ongoing labour disputes at platinum mines have been weighing on the South African Rand. The upward trend has been developing within the boundaries of the rising wedge pattern that now is more than 312-bar long. Currently, USD/ZAR is trading between its long-and short-term SMAs that are containing both upward and downward moves. However, market players believe the 200-bar SMA that is acting as a support may face challenges in preventing a slump; 85.71% of traders are bearish on the currency couple.
© Dukascopy Bank SA
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